Cheap and easy - Static phase converter, just wire it to the machine and go
Cheap and less easy - VFD, need to rework the machine electricals but you don't need to change belts anymore and infinitely variable speed is a very nice thing to have on a lathe. Read @mksj on here for tons of great advice.
- edit - Rotary phase converter - more expensive but if you plan to/have a whole shop with 3 phase machines it's a nice way to go.
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